Home Buying Strategies

When one is house-hunting, particularly if it’s for the first time, it’s hard to shake the tried and true tales of: find listing, request showing, make offer, breeze through closing. Because the fact of the matter is, it doesn’t always work like that anymore. With today’s unique and challenging real estate market, buyers are routinely having to think outside the box. Here are a few tips to keep in mind if your home buying experience has been frustrating. 

Buy As-Is

One strategy to consider is buying a home that needs work. While the dream might be turn-key move-in ready, that might not necessarily be realistic. The upside is that homes that require renovations are almost always priced lower than anything else on the market. Depending on HOW low, you may even be able to roll the cost of the upgrades into the mortgage. You can score a diamond in the rough that you then get to customize to your specific preferences. 

Downsize 

The median square footage of the average American home started rising starkly around the year 2000, reaching its peak of 2,467 square feet in 2015. Home sizes also vary wildly depending on area, with some states seeing average square footage upward of 4,000. Odds are, it’s more of a mental game thinking that you need such a palatial home. So much money can be saved by downsizing, especially if you’re moving from a bigger home and can bank equity after buying something smaller and less expensive. 

Look at Foreclosures

If you’re not in an immediate hurry, buying a foreclosure, short-sale, or bank-owned home can often save you thousands. These homes are often similar to the ones we mentioned before where they are in dire need of repairs. Generally, purchasing a foreclosure or short sale just takes a lot longer than a traditional escrow period. If you’re patient, you could end up with something better than you even imagined.